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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (18021)	4/18/2008 8:23:37 PM
From: LoneClone	Read Replies (1) \| Respond to of 192974

Ferrexpo output rises; focusing on own mined ore By John Harrington uk.biz.yahoo.com LONDON (ShareCast) - Ukraine-based miner Ferrexpo (LSE: FXPO.L - news) said first quarter production continued at the high levels established (Advertisement) in 2007. Total pellet output in the first quarter of 2008 rose by 3.6% from the final quarter of 2007, with output of pellets from the company’s own mined ore up 3.4%. The company said it would continue to focus on production of pellets from own mined ore while prices for purchased concentrate remain high. Production emphasis would be on mining higher grade ore to improve pellet quality. Higher grade ore output in the first quarter rose 4% from Q4 2007. Production of higher quality (65% Fe) pellets was 17% higher than the corresponding quarter of 2007, the company said. The average achieved price on a DAF/FOB (Delivered at frontier/Free on board) basis was 5.7% higher than the average level for the whole of 2007. The company said it is facing cost inflation in Ukraine in 2008, as well as the impact of higher prices for steel-based inputs and diesel fuel in particular, but maintained that further process and efficiency improvement initiatives would enable it to manage input costs effectively. “Our project to expand and extend our GPL mine is on schedule and within budget, and progress has been excellent. We expect to see increased mining volumes as a result of this project from 2009,” said Vikto Lotous, chief operating officer of Ferrexpo. Shares in Ferrexpo rose sharply yesterday after the Ukraine-based miner said it had secured 90% year-on-year average price rises for more than half of its expected 2008 iron ore pellet sales. Analysts had been predicting an 87% rise. The new prices apply from 1 April 2008 to 31 March 2009.